During his address at the India–Cyprus Business Forum on Saturday, Prime Minister Narendra Modi emphasized India’s global leadership in digital payments, stating that “50 percent of the world’s digital transactions now take place in India through UPI.” He added that discussions are underway to introduce the Unified Payments Interface (UPI) in Cyprus.
The move is part of New Delhi’s broader push to internationalize its homegrown payment system, already in use or under integration in countries such as France, the United Arab Emirates, Singapore, and Nepal. Modi’s comments came during his state visit to the Mediterranean island, where he also sought to strengthen trade ties and explore a potential India–EU trade agreement with support from Cyprus.
“Our digital transformation has set global benchmarks,” Modi said, referring to India’s real-time digital infrastructure. “We are actively working with other countries, including Cyprus, to expand the reach of our platforms like UPI.”
India’s UPI, launched in 2016 by the National Payments Corporation of India (NPCI), has rapidly scaled up to become one of the largest real-time payment ecosystems in the world. Its user base extends beyond domestic consumers to now include NRIs and global tourists in select countries.
While no formal agreement has yet been signed with Cyprus, officials familiar with the matter said preliminary talks are focused on interoperability and merchant integration.
The push for UPI’s global adoption is in line with India’s diplomatic and economic outreach, positioning its digital public infrastructure as an exportable model for financial inclusion.
